Financial Statements to 31 July 2008 - Perth College - UHI ...

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Perth College • funds from whatever source administered by the college for specific purposes have been properly applied for the intended purposes. We review whether the Corporate Governance Statement reflects the college's compliance with the requirements of the Scottish Funding Council. We report if, in our opinion, it does not comply with these requirements or if it is misleading or inconsistent with other information we are aware of from our audit of the financial statements. We are not required to consider, nor have we considered, whether the statement covers all risks and controls. Neither are we required to form an opinion on the effectiveness of the college's corporate governance procedures or its risk and control procedures. We read the other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. This other information comprises only the Report of the Board of Management and the Statement of the Board of Management's Responsibilities for the Accounts. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information. Basis of Audit Opinion We conducted our audit in accordance with the Public Finance and Accountability (Scotland) Act 2000 and International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board as required by the Code of Audit Practice approved by the Auditor General for Scotland. An audit includes examination, on a test basis, of evidence relevant to the amounts, disclosures and regularity of expenditure and income included in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Board of Management and Accountable Officer in the preparation of the financial statements, and of whether the accounting policies are appropriate to the college's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error, and that in all material respects the expenditure and income shown in the financial statements were incurred or applied in accordance with any applicable enactments and guidance issued by the Scottish Ministers. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. 20
Perth College Opinion Financial Statements In our opinion: • the financial statements give a true and fair view, in accordance with the Further and Higher Education (Scotland) Act 1992 and the Accounts Direction, of the state of affairs of the college as at 31 July 2008 and of its surplus, total recognised gains and losses and cash flows for the year then ended; and • the financial statements have been properly prepared in accordance with the Further and Higher Education (Scotland) Act 1992 and the Accounts Direction made thereunder. Regularity In our opinion in all material respects: • the expenditure and income shown in the financial statements were incurred or applied in accordance with any applicable enactments and guidance issued by the Scottish Ministers; • funds provided by the Scottish Funding Council have been applied in accordance with the Financial Memorandum dated 1 January 2006 and any other terms and conditions attached to them for the year ended 31 July 2008; and • funds from whatever source administered by the college for specific purposes have been properly applied for the intended purposes. Tenon Audit Limited 5 Kings Place, Perth PH2 8AA 18 December 2008 21
Page 1: Financial Statements for the Year E
Page 4 and 5: Perth College
Page 6 and 7: Perth College The Board monitors th
Page 8 and 9: Perth College accumulate reserves a
Page 10 and 11: Perth College intends to continue t
Page 12 and 13: Perth College • Funding Council.
Page 14 and 15: Perth College Professional Advisers
Page 16 and 17: Perth College Ritchie Rennie Nathan
Page 18 and 19: Perth College The Audit Committee a
Page 20 and 21: Perth College Review of Effectivene
Page 22 and 23: Perth College Approved by order of
Page 26 and 27: Perth College Consolidated Income a
Page 28 and 29: Perth College Balance Sheets as at
Page 30 and 31: Perth College Notes to the Accounts

Financial Statements to 31 July 2008 - Perth College - UHI ...

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